Gold price in Pakistan drops by more than Rs5,700 per tola in two days

On Tuesday, the price of gold in Pakistan continued its downward trend, influenced by post-budget concerns and the impending cyclone Biparjoy, resulting in a deserted market. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) provided data indicating a decrease in the price of gold (24 carats) by Rs4,000 per tola and Rs3,430 per 10 grams, reaching Rs221,500 and Rs189,900, respectively.

Internationally, the price of gold experienced a $2 decline, settling at $1,961 per ounce. Over the past two sessions, the cumulative decline in the prices of this precious commodity amounted to Rs5,750. Moreover, it is worth noting that gold is priced Rs4,000 per tola lower in Pakistan compared to the Dubai market.

The fluctuating gold rates in Pakistan can be attributed to ongoing political and economic uncertainty, high inflation, and currency depreciation. During such times, individuals tend to consider gold as a safe investment and a hedge. Tuesday’s market witnessed a significant decline due to various factors, including international rates, dollar depreciation, cyclone Biparjoy, and unfavorable weather conditions that deterred buyers from venturing out.

Data from the association indicated that the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams. Furthermore, the local currency experienced a decrease of Rs0.34 or 0.12 per cent against the US dollar, concluding the day at Rs287.97 in the interbank market.